Shares of California Resources Co. (NYSE:CRC – Get Free Report) have received an average rating of “Moderate Buy” from the twelve research firms that are presently covering the company, MarketBeat reports. Two investment analysts have rated the stock with a hold recommendation, nine have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $66.09.
A number of analysts have commented on CRC shares. Jefferies Financial Group initiated coverage on shares of California Resources in a research note on Thursday, October 24th. They set a “buy” rating and a $64.00 price target for the company. Citigroup upped their target price on shares of California Resources from $63.00 to $65.00 and gave the stock a “buy” rating in a report on Thursday, September 5th. Capital One Financial upgraded California Resources to a “strong-buy” rating in a research note on Monday, December 9th. StockNews.com raised California Resources from a “sell” rating to a “hold” rating in a research note on Saturday, November 16th. Finally, TD Cowen lifted their target price on California Resources from $65.00 to $74.00 and gave the company a “buy” rating in a research report on Tuesday, November 26th.
California Resources Price Performance
California Resources (NYSE:CRC – Get Free Report) last announced its quarterly earnings results on Tuesday, November 5th. The oil and gas producer reported $1.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.62. The business had revenue of $1.35 billion for the quarter, compared to analyst estimates of $973.13 million. California Resources had a return on equity of 12.16% and a net margin of 17.43%. The company’s quarterly revenue was up 194.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.02 earnings per share. Equities research analysts expect that California Resources will post 3.58 EPS for the current fiscal year.
California Resources Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Monday, December 2nd were given a $0.3875 dividend. This represents a $1.55 dividend on an annualized basis and a yield of 3.01%. The ex-dividend date was Monday, December 2nd. California Resources’s dividend payout ratio is currently 24.41%.
Insider Activity
In other California Resources news, EVP Omar Hayat sold 16,016 shares of the stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $55.18, for a total transaction of $883,762.88. Following the sale, the executive vice president now owns 30,940 shares in the company, valued at $1,707,269.20. This represents a 34.11 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Noelle M. Repetti sold 8,770 shares of California Resources stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $55.75, for a total value of $488,927.50. Following the completion of the transaction, the vice president now owns 8,531 shares of the company’s stock, valued at approximately $475,603.25. This trade represents a 50.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.63% of the company’s stock.
Institutional Inflows and Outflows
Several large investors have recently added to or reduced their stakes in CRC. GSA Capital Partners LLP bought a new stake in shares of California Resources during the third quarter valued at about $682,000. Natixis Advisors LLC bought a new stake in California Resources during the 3rd quarter worth approximately $579,000. Geode Capital Management LLC lifted its stake in California Resources by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 1,592,663 shares of the oil and gas producer’s stock worth $83,583,000 after purchasing an additional 55,815 shares in the last quarter. Swiss National Bank boosted its holdings in California Resources by 12.7% in the 3rd quarter. Swiss National Bank now owns 121,900 shares of the oil and gas producer’s stock valued at $6,396,000 after purchasing an additional 13,700 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its position in shares of California Resources by 8.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 974,202 shares of the oil and gas producer’s stock valued at $51,116,000 after purchasing an additional 75,606 shares in the last quarter. Institutional investors own 97.79% of the company’s stock.
About California Resources
California Resources Corporation operates as an independent oil and natural gas exploration and production, and carbon management company in the United States. The company explores, produces, and markets crude oil, natural gas, and natural gas liquids for marketers, California refineries, and other purchasers that have access to transportation and storage facilities.
Featured Articles
- Five stocks we like better than California Resources
- What is a Secondary Public Offering? What Investors Need to Know
- Top 3 Reasons to Invest in This Bond ETF for Stability and Growth
- How to Capture the Benefits of Dividend Increases
- 2 Drone Stocks Surging from Increased Media Attention
- How the NYSE and NASDAQ are Different, Why That Matters to Investors
- Ciena Rebounds: AI and Strong Guidance Drive Post-Earnings Surge
Receive News & Ratings for California Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for California Resources and related companies with MarketBeat.com's FREE daily email newsletter.